The short run is that period during which there are no fixed commitments
a. True
b. False
Indicate whether the statement is true or false
False
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The principle that states the marginal product of an input decreases as the quantity of the input increases is called:
A. diminishing marginal product. B. increasing rate of return. C. production function. D. total product optimization.
A budget deficit will be most inflationary if the aggregate
A. demand curve is very steep. B. demand curve is very flat. C. supply curve is very flat. D. supply curve is very steep.
Answer the following statements true (T) or false (F)
1. Over the span of many years, a student and her family invest significant amounts of time and money into that student’s education. It is worth it, because median weekly earnings are about 10% higher for workers who have completed more education. 2. Cooperation between government-funded universities, academies, and the private sector has been shown to delay product innovation and repress whole new industries. 3. All goods and services with positive externalities are also public goods. 4. Government spending and taxes are not the only way to provide public goods. 5. Because nobody owns the ocean, or the creatures that live in it, no one has the ability to protect these resources and ensure they are responsibly harvested.
The unit of account characteristic of money:
A. means that money finalizes payments. B. makes it difficult to compare the relative prices of goods and services. C. means prices are expressed in terms of money. D. refers to how we use money to transfer purchasing power over time.